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1 H.S.A. FAQ s Frequently Asked Questions By Topic Health Savings Accounts What is a Health Savings Account (HSA)? Why should I consider getting an HSA? What are qualified medical expenses? What is an HSA-eligible insurance plan? How much can I contribute to my HSA? Can I roll over funds from other accounts into my HSA? How do I know my money safe? How can I utilize my HSA funds? Where can I invest my HSA funds? How does an HSA help me save on taxes? What are my extra costs if I choose an HSA? Why Compare-Health-Quotes.com? How do I begin this process? What is a Health Savings Account (HSA)? The freedoms offered by HSAs have been available since the January 1, 2004 legislation. An HSA is the most progressive alternative to traditional health insurance, allowing you to set aside money specifically for healthcare in an investment savings account without any tax penalties whatsoever. HSAs facilitate the payment of current health expenses while simultaneously saving for future medical and retiree health expenses. Not only is the money in your account solely controlled by you independently of any third party or health insurer, but only you have the authority to determine what types of investments will be made to grow your funds. In order to be eligible for an HSA, you must first be covered by a High Deductible Health Plan (HDHP). Standard HDHP costs are usually lower than those of traditional health care, so the money saved on insurance expenses can be put directly into the Health Savings Account. Similar in function to IRAs, the popularity of HSAs and HSA-eligible health insurance plans is rapidly spreading. This is why: When used in combination with an HSA-eligible high deductible health insurance plan, HSAs allow you save for retirement while paying for current medical expenses. The H.S.A. Savings Account is like a medical 401k. The standard annual premium on an HSA-eligible high deductible plan is much less expensive, usually around $1000 less annually, than the annual premium for a lower-deductible PPO health insurance plan. Not only are contributions to an HSA 100% deductible, but they may also be made with no income tax penalties, up to set limits per year. You control and invest the funds in your HAS with the option of simply allowing unused funds to remain in the account and accrue interest year-to-year, tax-free. Money in your HSA can be withdrawn to pay for qualified medical expenses with no tax penalties and funds can also conveniently be used for purposes other than

2 healthcare, although there are taxes and fees associated with non-medical withdrawals. Similar to IRA guidelines, sole ownership of the account belongs to the employee, not the employer. But unlike an IRA, an employer CAN contribute to an HSA. Before choosing an HDHP for use with an HSA, it is important to be sure that your selected high-deductible plan is HSA-eligible. Why should I consider getting an HSA? You may save money both right away and over time because of the following: One hundred percent of your HSA contributions are tax deductible. You can allow the money in your HSA accrue interest and/or gains on a tax-free basis. There are absolutely no fees or tax penalties when you use your HSA to pay for qualified medical expenses. HSAs are usually accompanied by high-deductible HSA-eligible health insurance plans, which typically have lower premiums than non-hsa-eligible plans. Please note that some HSAs charge a small monthly maintenance fee. What are qualified medical expenses? Most HSAs have a long list of qualified medical expenses, including some which are often excluded on standard health insurance plans. Some qualified medical expenses include: Health insurance plan deductibles, co-payments, and coinsurance Dental services, including bridges, crowns, and braces Vision care, including lasik eye surgery, eye exams, and glasses Psychiatric and certain psychological treatments Long-term care services Medically-related lodging and transportation Although it is usually not permitted to use your HSA to pay health insurance premiums, please not the following exceptions: If you are receiving federal or state unemployment benefits; If you have COBRA qualified health insurance; If you have certain qualified long-term care insurance premiums; or If you are age 65 or older and you are paying premiums for a health plan other than a Medicare supplemental policy In order for your healthcare costs to qualify, your HSA must first be established before incurring any expenses. What is an HSA-eligible insurance plan? An HSA-eligible insurance plan is often referred to as a High Deductible Health Plan (HDHP).

3 In order to have a Health Savings Account, you must get an HSA-eligible health insurance plan. As inferred by its name, this type of plan usually has lower premiums coupled with higher deductibles and co-pays. In order for a health insurance plan to be considered HSA-eligible, it must satisfy the following criteria: The annual deductible must be at least $1,100 for individuals and at least $2,200 for families. The total out-of-pocket cost (other than premiums) of the plan does not exceed $5,500 for individuals and $11,000 for families. NOTE: If you have dual - coverage under a spouse's employer-sponsored plan or other health insurance coverage in addition to your HSA-eligible health insurance plan, then the other plan must also be HSA-eligible in order to contribute to an HSA. HSAs do not allow overlapping benefits, which means that if the other plan is not HSA-eligible, it cannot cover any benefits offered by your HSA-eligible plan. How much can I contribute to my HSA? The maximum yearly contribution for individuals varies from year to year, in 2015 an individual can contribute $3,350 and $6,650 for families. It is not required that you deposit the maximum amount into your HSA each year, although a small minimum monthly contribution is required by some HSAs. An important fact to remember for those between the ages of 55 and 65 is that you have been afforded a special eligibility to deposit up to $1000 more than the maximum annual contribution as a way of "catching up,".. Can I roll over funds from other accounts into my HSA? As long as the amount does not exceed HSA contribution limits, you are free to make a one-time distribution from an IRA to fund your HSA. Additionally, employees have the opportunity for a one-time, tax-free transfer of funds from their flexible spending account (FSA) or health reimbursement arrangement (HRA) to their HSA. How do I know my money safe? Every HSA has its own HSA Administrator, which is usually a bank, insurance company, or other approved trustee. You will have the opportunity to invest your HSA funds into the following options at your discretion: Money market funds Interest-bearing account CDs Mutual Funds As a general rule of thumb, if you are looking to minimize your investment risk, you may want to consider an interest-bearing account because these accounts are FDIC insured. However, although mutual funds are a riskier investment because they are not FDIC insured, they have the potential to provide a much greater return.

4 How can I utilize my HSA funds? Health Savings Accounts have the easiest methods of payment out of all health insurance plans. Usually, you will be given a debit card or checkbook by your HSA Administrator. Each time you receive a qualified service, simply write a check or use the debit card to compensate the provider. There is no pre-approval system, nor is it necessary to submit any claims. However, in order to receive the appropriate tax deductions, you should save the receipts from any qualified medical provider as you would any other tax-deductible exchanges. Additionally, it is important to remember that in order for your healthcare costs to qualify, your HSA must first be established before incurring any expenses. Where can I invest my HSA funds? Most Health Savings Accounts allow you to select different investment options such as money market funds, interest-bearing accounts, CDs, and mutual funds. Although these are the most common choices, every HSA Administrator has its own options and guidelines, so before selecting an Administrator, you might want to review the available investment options of each. Creative Benefit Strategies Quick Quotes user-friendly website provides you with simple tools to help you make complicated decisions. In order to see all your HSA Administrator alternatives for the health insurance plan of your choice. As soon as you have applied for your selected plan, you can choose the HSA Administrator that best meets your investment preferences. How does an HSA help me save on taxes? Naturally, you will want to confer with your tax advisor or accountant to determine the specifics of your particular situation, but in general, HSAs produce significant tax savings. You will be sent an annual tax statement that confirms your total HSA contributions for the year. Unless you have exceeded the maximum contribution, you will be able to deduct 100% of that amount from your taxes, even if you do not usually itemize your deductions. Additionally, since business owners can deduct 100% of their HSA contributions, those who are self employed also have the option of deducting 100% of their premiums as long as your net income is more than the cost of your premiums and you are not entitled to coverage by another subsidized health plan. What are my extra costs if I choose an HSA? Every HSA Administrator has its own individual guidelines for maintenance fees, check fees, and initial setup fees. As a result, you might want to explore the financial additions associated with the HSA Administrator of your choice before making any concrete decisions. Creative Benefit Strategies Quick Quotes user-friendly website provides you with simple tools to help you make complicated decisions. As soon as you have applied for your selected plan, you can choose the HSA Administrator that has fees with which you feel comfortable. Why Creative Benefit Strategies Quick Quotes? Not only do we provide you with the most comprehensive selection of health insurance

5 plans, but we also simplify the process of finding the right HSA-eligible health insurance plan for you. Our state-of-the-art insurance quote search engine allows you to refine your search to locate exactly what you are looking for without mistakenly choosing a non-hsaeligible insurance plan. How do I begin this process? Creative Benefit Strategies Quick Quotes provides you with simple tools designed to help you easily make complicated decisions. Anyone under the age of 65 in the U. S. is able to participate and reap the benefits of Health Savings Accounts, provided their health insurance plan is HSA-eligible. To get started, simply take the following steps: 1. Use Creative Benefit Strategies Quick Quotes state-of-the-art insurance quote search engine to shop, compare, and select the right HSA-eligible health insurance plan for your needs and circumstances. 2. Apply easily online for your selected plan. 3. Choose the HSA Administrator that that has fees with which you feel comfortable and investment options that best meets your preferences.

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